Transport and infrastructure improvements play a major role in housing market performance, and the Manchester property sector could be set for a boost with the announcement of a multi-billion-pound scheme.
In Labour’s Budget last month, the government pledged some major commitments towards levelling up the country and adding investment to the North of England, including greater powers being given to Mayoral Combined Authorities through a flexible funding pot.
One of the key investments in the North will be towards the Transpennine Route Upgrade, which is a multi-billion-pound programme of railway improvements to bring better journeys to passengers travelling between Manchester, Huddersfield, Leeds and York.
The upgrade scheme will “transform journeys across the North”, meaning towns and cities across the region will be better connected with more frequent, faster trains that will also be cleaner and greener, tackling pollution issues.
Improvements in Greater Manchester are already taking place under the initiative, with an ongoing upgrade underway between Manchester Victoria and Stalybridge to the east, as well as planning to improve the 18-mile stretch of line between Stalybridge and Huddersfield.
Better travel to boost Manchester property outlook
Thanks to previous and ongoing transport upgrades in and around the city, the Manchester property market has already benefited. This includes the proposals around Manchester Piccadilly station, as well as other areas across the city that have gone from strength to strength in recent years.
In Zoopla’s House Price Index, Manchester consistently ranks top when it comes to annual house price gains, with the latest index showing a year-on-year rise of 2.8% for Manchester property, compared with the 1% UK average.
The city has also benefited greatly from the integration of the Bee Network which continues to expand and roll out across new areas, including expanding the Metrolink. The aim is for fully “joined up travel” across Greater Manchester by 2040.
However, while local travel has already made great gains, the promise of better travel further afield through drastically improved train lines is expected to be a further advantage to Manchester property, boosting its appeal for those looking for excellent transport options across the north.
Under the Transpennine route upgrade, journey times between Manchester and Leeds are expected to be slashed from 50 minutes to just 42 minutes, with up to six fast services every hour. Journey times between Manchester and York will also be 10 minutes shorter.
More jobs for Manchester
Not only will the travel upgrade boost the appeal of Manchester property through greater connectivity, but it will also provide thousands more jobs for the area.
According to government figures, the Transpennine route upgrade is “already supporting thousands of jobs”, with around 5,000 people currently working on the scheme, and 300 apprentices. Upcoming upgrades to the A57 will boost this further, bringing jobs and improving transport in the area.
The £250m upgrade to the A57 will slash journey times by road between Manchester and Sheffield, along with offering reduced noise and pollution.
Commenting on the planned improvements, Mayor of Greater Manchester, Andy Burnham, said: “This major investment in our roads and railways will mean better connections between Greater Manchester and key towns and cities across the Pennines.
“After years of failed promises, it’s a real statement of intent from this new government that will provide quicker, more reliable journeys for millions of people, and help to unlock the enormous potential of the north as an engine for growth.”
Where are Manchester property hotspots?
Using Land Registry data of sold house prices, Yahoo News has pulled together a list of the six top-performing property markets in Greater Manchester, where prices are rising the most.
- M2: This postcode covering Deansgate and parts of the city centre has experienced a huge 22.4% price rise since last year, according to the data, with an average hike of a huge £59,100, driven by soaring demand. The average price now is £323,500, compared with £264,400 a year ago.
- M32: This is the location of Stretford, a market town in the Trafford area, where property prices have surged by 16.1% (£42,837) since 12 months ago. A home there now will cost buyers an average of £308,919, up from £266,082.
- M7: With a price rise of a huge 15.9% since last year, this postcode covering Higher Broughton, Cheetwood, Lower Broughton and Kersal has also seen property demand rise by well above the national average. The average property cost has climbed from £259,767 to £301,057.
- M22: While properties in this part of Manchester can still be bought for less than £300,000, this area covering Wythenshawe and Northenden has also seen a whopping price rise of 12.2% over the past 12 months, up from £225,572 a year ago to £253,030.
- M45: This is the postcode for Whitefield, a town in the Metropolitan Borough of Bury, Greater Manchester, England, where property prices have increased by 10.9% since this time last year – where owners have made an average capital appreciation of £29,679 over the past 12 months. Properties there now cost an average of £301,547, up from £271,868.
- M30: Another out of town location, M30 covers the market town of Eccles, in the City of Salford to the west of Manchester. In this property hotspot, prices have climbed by 8.6% (£20,423) over the past year, taking them from an average of £238,055 to £258,478.
If you’re looking to invest in Manchester property to benefit from future transport improvements, get in touch with BuyAssociation today, or browse some of our current Manchester property investment opportunities here.
